BREA, Calif., Nov. 02, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Mullen Automotive, Inc. (NASDAQ: MULN ) (“Mullen†or the “Companyâ€), an emerging electric vehicle (“EVâ€) manufacturer, announces today that it has eliminated $13 million in company debt and has reduced its overall indebtedness from more than $30 million last year to a current estimate of less than $10 million.
Mullen continues to strengthen its financial balance sheet with the recent elimination of approximately $13 million dollars in company debt, which was associated with a debt obligation to Esousa Holdings, LLC. It is anticipated that this debt conversion will save the Company more than $3.5 million in interest expenses.
Mullen continues to maintain its good financial health, with now less than an estimated $10 million approximately left of outstanding indebtedness. This elimination of and reduction in debt is significant, considering the overall debt balance at the end of 2021 was over $30 million.
“Itâ€
About Mullen
Mullen Automotive is a Southern California-based automotive company building the next generation of premium electric vehicles (“EVsâ€) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. The Mullen FIVE, the Companyâ€
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to the actual amount of the total remaining debt on the Companyâ€
Contact :
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Wire Service Contact :
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com
Disclaimer
This article is for the purposes of solicitation subscriptions for this website. This website expects to generate new advertisement revenue resulting from the distribution of this article. The amount of which is unknown at this time. This website or it’s authors do not own any shares of Mullen Automotive Inc. (MULN) and does not buy, sell, or trade any shares of (MULN). This article does not provide a professional analysis of a (MULN) financial position. (MULN) financial position and all other information regarding the featured Company should be verified directly with (MULN). Please read our full disclaimer for more detailed information.